More work, less shopping: In the Manor building on Zurich’s Bahnhofstrasse are big changes. The owner, life insurer, Swiss Life, wants to start work in the spring of 2020, with the tag. They should last two to three years and 100 million Swiss francs in costs.
The biggest change: The former sales areas of the goods in pieces are building, the Retail space will disappear, to a large extent. From the second floor, you need to make offices and Co-Working Spaces place.
Manor will not return
in September, it was announced that Manor in its ancestral place on the Bahnhofstrasse spaces. The lease agreement with Swiss Life was not extended, because the Manor was not willing to pay the rent increase from 6 to reportedly 19 million Swiss francs. After 35 years, the store has to close its doors at the end of January 2020. That it is progressing according to the planned conversion there, again, was excluded, informed Swiss Life at a media conference.
And after the conversion of the property is much different. Because the loading surfaces are distributed only to the first basement, ground floor and the first floor. And instead of, as hitherto, on a large area of different suppliers should move in different-sized shops, with surfaces between 40 and 300 square meters. The plan foresees at the present time, ten surfaces, which could, depending on the needs of the tenants adjusted, says Renato Piffaretti, head of real estate Switzerland, Swiss Life.
sales area must offices soft
But a total of four floors of the existing store will be remodeled rooms to the office. Particularly in this Segment feel, Swiss Life is a big demand After it was known that the Manor had to get out, have you can save yourself from requests hardly, said Piffaretti. Under the prospective engineering firms, economic consultants are also Start-ups.
“It is a pity that there is less Retail space”Anna Schindler,
Director of urban development of Zurich
“It is a pity that there is less Retail space,” says Anna Schindler, Director of urban development of Zurich. The city was for a long time in conversation with Manor and Swiss Life. That you have chosen for the combination of Retail and office space, is very likely to happen from an economic Consideration. After all, Co-Working would be a use by the Public spaces make possible, says Schindler.
rent of six million
Also catering concepts to keep in the Manor building to enter. Who and how many will there be, ultimately, is still open, said Piffaretti. With this “tenant mix” if you wanted to triple the rental income compared to today’s triple.
So that it is over soon: Shopping in the Manor-house on the Bahnhofstrasse. Photo: Dominique Meienberg
Already with the shrunken retail area, which is to be 4000 square meter, it would be Swiss Life possible, to achieve the rent of six million, estimates industry insiders. As much as Manor for the whole of the area of 11 000 square meters will pay today. Office space in the context of the Department store would cost per square meter and year to 550 francs.
retailers have it hard
The Manor building is in the lower area of the Bahnhofstrasse, close to the main train station. This location is considered to be mixed: catering formats, and stores alternate. This location is also one of the most frequented in Switzerland. Numbers of Wüest partners: Around 50’000 people pass by every day at the height of the Manor building. Only in the vicinity of the main railway station and the parade square is the passers-by figures are higher.
a high frequency is not necessarily a guarantee for good business, experience many retailers. So Manor. Since 2010, the sales of Department stores are shrinking: from then to 2.98 billion Swiss francs at today there are an estimated 2.4 billion. Sales, the family-owned company, Maus Frères, the Manor belongs out there figures, since 2015, no more.
real estate as an important asset class
The retail sector is in change: The shopping experience is always more in focus, and the combination of a stationary Showroom and online trading is increasing. This will lead to a change in demand, i.e. in the case of Swiss Life. And you would respond by the tag.
In Switzerland, the insurer continues to expand its real estate portfolio continuously. In addition to government and corporate bonds, with a share of almost 20 percent is an important asset class. Because in the persistent low interest rate environment, with real estate still a good return to get. The entire real estate portfolio of Swiss Life in Europe is 96 billion Swiss francs in hard. 1250 real estate has Swiss Life in Switzerland. The 20 of which are in Zurich at the so – called “high street locations” – is in the ideal location and to the Bahnhofstrasse. They all have a Mix of Retail, office and living room. The yields are expected to rise, because the main concern of the Life insurance company is to generate return for its 1.4 million customers.
Two icons, one dies: the blue of The Zurich Tram runs through the Bahnhofstrasse, the disappearing shopping temple Manor. Photo: Urs Jaudas.
Created: 28.10.2019, 15:40 Uhr
